Cardinal Health, Inc. (NYSE:CAH – Get Free Report)’s stock price reached a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $268.00 and last traded at $280.7730, with a volume of 2,248 shares changing hands. The stock had previously closed at $261.93.
The company reported $3.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.94 by $0.32. Cardinal Health had a net margin of 0.67% and a negative return on equity of 98.53%. The company had revenue of $67.51 billion during the quarter, compared to analysts’ expectations of $66.67 billion. During the same quarter in the prior year, the company earned $2.55 EPS. The firm’s revenue was up 5.5% on a year-over-year basis.
Cardinal Health Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Thursday, October 1st were paid a dividend of $0.5158 per share. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $2.06 dividend on an annualized basis and a dividend yield of 0.7%. Cardinal Health’s payout ratio is currently 28.49%.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on the stock. Leerink Partners set a $292.00 target price on shares of Cardinal Health in a research note on Tuesday, August 11th. Wall Street Zen upgraded Cardinal Health from a “buy” rating to a “strong-buy” rating in a research report on Sunday, October 25th. Royal Bank Of Canada began coverage on Cardinal Health in a research report on Wednesday, August 19th. They issued an “outperform” rating and a $276.00 target price for the company. Evercore reiterated an “outperform” rating and set a $270.00 price target on shares of Cardinal Health in a research note on Wednesday, August 12th. Finally, Robert W. Baird lifted their price target on shares of Cardinal Health from $251.00 to $274.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 12th. Sixteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $270.69.
Get Our Latest Research Report on CAH
Insider Buying and Selling
In related news, CEO Jason Hollar sold 44,529 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $236.18, for a total value of $10,516,859.22. Following the sale, the chief executive officer owned 190,603 shares in the company, valued at $45,016,616.54. This represents a 18.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michelle Greene sold 11,650 shares of Cardinal Health stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $235.72, for a total transaction of $2,746,138.00. Following the transaction, the insider directly owned 10,330 shares in the company, valued at approximately $2,434,987.60. This represents a 53.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 210,271 shares of company stock worth $49,626,657 over the last 90 days. 0.12% of the stock is owned by company insiders.
Institutional Investors Weigh In On Cardinal Health
A number of hedge funds have recently added to or reduced their stakes in CAH. Downshift Financial LLC lifted its holdings in shares of Cardinal Health by 3,666.7% in the third quarter. Downshift Financial LLC now owns 113 shares of the company’s stock worth $25,000 after buying an additional 110 shares in the last quarter. Investors Research Corp purchased a new stake in Cardinal Health in the 2nd quarter worth $29,000. Maryland Capital Advisors Inc. boosted its holdings in shares of Cardinal Health by 12,600.0% during the 3rd quarter. Maryland Capital Advisors Inc. now owns 127 shares of the company’s stock valued at $28,000 after purchasing an additional 126 shares during the last quarter. Allied Private Wealth LLC purchased a new position in shares of Cardinal Health during the second quarter valued at about $30,000. Finally, NBH Bank bought a new stake in shares of Cardinal Health in the second quarter worth about $31,000. 87.17% of the stock is currently owned by hedge funds and other institutional investors.
Cardinal Health Price Performance
The business has a 50-day moving average of $239.14 and a 200 day moving average of $222.96. The company has a market capitalization of $65.92 billion, a PE ratio of 39.37, a P/E/G ratio of 1.52 and a beta of 0.53.
About Cardinal Health
Cardinal Health, Inc is a healthcare services and products company that supports the distribution and delivery of pharmaceuticals, medical products and related services. The company serves hospitals, pharmacies, ambulatory surgery centers, clinical laboratories, physician offices and other healthcare providers.
Its Pharmaceutical and Specialty Solutions segment distributes branded, generic and specialty pharmaceuticals, as well as consumer health products, to pharmacies and healthcare institutions.
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